Finance graduates often treat equity research and investment banking as interchangeable paths. They are not. Both use modelling and company analysis, but the day-to-day work differs.
An equity research analyst studies sectors and listed companies, builds models, and writes buy, sell, or hold notes. An investment banker works on live deals: pitchbooks, capital raising, IPO documents, and merger advice.
A clear comparison is in this PIBM article: Equity Research vs Investment Banking after MBA in Finance.
Research suits independent written analysis. Banking suits deal-team pressure. Internships test the fit better than the job title alone.